2018 Strategic Plan. Adopted by the Board

Transcription

1 2018 Strategic Plan Adopted by the Board

2 Strategic Plan The Sanctuary at False Cape Condominium Association, Inc., is a Virginia non-stock corporation, which is the entity responsible for the operation of the Sanctuary at False Cape Condominium. The Association shall administer the operation and management of the condominium property and undertake and perform all acts and duties incident thereto in accordance with the provisions of governing documents and applicable Virginia law. Principal to these responsibilities are: PROPERTY Preserving and Enhancing the Condition of the Condominium Property SOLVENCY Managing and Maintaining the Financial Solvency of the Association COMMUNICATION Creating a Transparent and Responsive Culture of Communication EXPERIENCE Facilitating a Safe and Positive Experience for Owners and Guests 2

3 Ends Based Philosophy This Strategic Plan represents a shared vision of the future state of the Association. These are high level goals the Association will endeavor to achieve through careful management and planning over the next 3 to 5 years. This strategic plan is not a work or action plan but rather an end state which the Association Board and management will use as the basis for developing the work and action plans along with the budget to get there. 3

4 Developing the Strategic Plan Strategic Planning Task Force Jill Byerly Owner Full time resident Rick Cole Owner Second home/rental John Dezio Board Member Second home Tom DiBuono Board Member Second home/rental Mike McCarley Owner Second home Ron McDowell Board Vice President and Treasurer Second home plus a rental unit Kathy Morgan Owner Full time resident (transitioning) Kara Rinaldi Board Secretary Second home/rental Terrie Suit Board President Second home/rental Geri Wilkins Owner (residential & commercial) Full time resident Rebecca Beamon Aaron Cooper Association Manager Association Facilities Consultant 4

5 Developing the Strategic Plan March 2018 Board moves forward with development of an association strategic plan April 2018 Strategic Plan Survey is sent to all condominium owners April 2018 Request for volunteers for Strategic Plan Workgroup is sent to all condominium owners as part of Survey April 2018 Survey responses are ed to all condominium owners April 2018 Workgroup retreat at the Sanctuary to review survey responses and develop end goals for the Association June 2018 Draft Strategic Plan is presented to the Board of Directors for final adoption July 2018 and Beyond (projected) Work plans and budgets are developed to align resources and operations with long-term association strategic goals 5

6 Property Condition The Sanctuary property condition is very good. The facility is well maintained, has attractive curb appeal and the major replacement, renovation and structural upkeep are on schedule and have been completed according to the standards used in the replacement reserve study Success indicators Good Condition Property values increase year over year Well Maintained Complaints regarding the facility condition (maintenance, cleanliness) are minimal and responded to quickly Unplanned maintenance expenses are minimal Annual owner survey returns positive responses from owners regarding facility condition Maintenance completed is 80%-100% on schedule with maintenance schedule to be adopted end of 2018 Curb Appeal Annual owner survey returns positive responses regarding attractiveness of property Complaints regarding overall look and feel of property are low Compliments regarding attractiveness of property are increasing Properties listed for sale see a decline in time from listing to under contract Replacement/Renovation Replacement and structural upkeep completion is on schedule with replacement reserve study Replacement and structural upkeep expenditures are inline with replacement reserve study recommended investment/cost amounts to ensuring proper quality of improvement work and materials 6

7 Financial Solvency The Association maintains a responsible financial position allowing for a fully funded annual budget that facilitates quality administrative and facility management, on schedule maintenance, adequate operational reserves, fully funded replacement reserves (capital replacement fund), and stable condominium dues (owner assessments) Success indicators Expenditures Association expenditures are on budget Replacement Reserve Fund spending is on budget Reserves Replacement Reserves are funded at Reserve Study recommended levels Operating Reserves are funded at a target level of six months operating expense budget Assessments Delinquency rates decline each year Assessments year over year are maintained at or below inflation Use of Special Assessments is minimal Assessments amounts are maintained at levels commensurate with like properties in similar geographic locations with comparable association amenities 7

8 Communication The Association maintains a transparent and responsive culture of communication with owners, guests and owner representatives. Association members feel informed regarding the activities at the condominium and in the immediate community. Members are communicated with or can access information through multiple platforms to include , website, and governance meetings. Success indicators Website owner login rates increase year over year Rate of responses to annual Survey increases each year Responses to the annual survey indicate high satisfaction with level of communication Annual survey response score on question regarding satisfaction with the association board improves each year Annual survey response to question regarding satisfaction with access to board meetings improves each year At least 80% of owners surveyed indicate they are aware of major issues or maintenance activities at the condominium 8

9 Experience The Association facilitates a safe and positive experience for owners, residents, and guests by maintaining an attractive property, ensuring exclusive (owner, resident, guest only) access to high quality amenities such as pools, fitness centers and grills, and enforcement of rules and parking requirements. Success indicators Responses to the annual survey indicate high satisfaction with quality of life at the Sanctuary Issuance of rules violation notices decrease Incidents of amenity use interruption (non working equipment, pools, etc.) decrease Incidents of unauthorized use of facilities decrease Incidents of parking violation notices and booting decrease 9

10 Objective The objective of the Sanctuary at False Cape Strategic Plan is to institutionalize the long term owner and board aligned vision for the condominium and to ensure that both current and future boards will stay on course to achieve these goals thereby ensuring future sustainability and viability of the condominium community. 10